Does Pre-trade Transparency Affect Market Quality in the Tokyo Stock Exchange?
This paper presents an examination of the relation between pre-trade transparency and market quality in the Tokyo Stock Exchange (TSE). Mixed evidence related to this relation has been reported worldwide. We analyzed this relation using a discrete change of disclosure policy in the 2000s. A positive relation pertains between pre-trade transparency and market quality. This result implies that the change of disclosure policy on the TSE might be effective for market quality improvement to some extent.
|Date of creation:||Oct 2009|
|Date of revision:|
|Contact details of provider:|| Web page: http://www.econ.osaka-u.ac.jp/|
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